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You said I post off-topic postings. You are wrong. If you ever follow what J.W.'s and my postings, you should know I stay right on the topic to discuss about WAMUQ. In regard to your so called juvenile comment, you are dead wrong. Sigh, I can't stand on you. I don't read about every single word on the IH agreement, I assume lots don't as well. For what reason I can't post the pm message if I feel I am being thretened or treated unfairly? Once again, you are not superior than anyone. Look at the CONTEXT.
"Sent By: IH Geek [Dave] To: p_chen Date:11/5/2009 5:54:16 PM
Unless you want to get banned, stop posting about and/or attacking other users. The topic of the board is the stock, not other posters."
Hi Matt,
IH Geek[Dave] banned me for no reason. He purportedly claimed I post to attack JohnnyWinter, which I didn't. I asked for clarifications from IH Geek[Dave], then after seconds I got banned for no explainations. Is this the way the admins. show the authority or their superior positions above other users without providing legitimate and reasonable reasons?
Welcome to check my previous postings.
I found this long ago and posted before if people are not new to WaMu case.
http://www.secinfo.com/dsvR3.z3w6.htm
From the 6/5/05 8-k, it clearly speaks Providian Financial Corp merged into Washington Mutual Inc., not WMB.
"Item 1.01 Entry into a Material Definitive Agreement.
On June 5, 2005, Washington Mutual, Inc. (“Washington Mutual”) and Providian Financial Corporation (“Providian”) entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Providian would merge with and into Washington Mutual, with Washington Mutual continuing as the surviving corporation (the “Merger”). "
Here's your proof.
http://www.allbusiness.com/company-activities-management/company-structures-ownership/5083261-1.html
"Structurally, Providian National Bank has been merged into Washington Mutual Bank, while Providian Financial Corp. has been merged into New American Capital, Inc., a subsidiary of Washington Mutual, Inc...."
http://en.wikipedia.org/wiki/Providian
"Providian Financial Corporation was one of the leading credit card issuers in the United States when it was sold to Washington Mutual for approximately $6.5 billion in October 2005. "
The SEC document presented says that Providian's banking division merged with WMB, not the credit card division. Providian was acquired by and mergered with WMI, not WMB.
PWC LLP - WMI's Special Accountants
This morning, as nothing major has happnened yet, I went on KCCLLC to retrack documents post. The documents make me confused and excited are PWC's billings. They have, so far, filed SEVEN monthly fee applications of services. Their first billing started from January, 2009. The latest billing was for the September.
http://www.kccllc.net/documents/0812229/0812229091102000000000026.pdf
I was looking at the latest billing this morning and realized "Card Services", "Card Sevices Application", "Card Services Data Transfer" and so on. At the first glance I was confused. What is the "Card Services" referring to? Is that business card? Then I kept reading and found as follow.
9/22/2009 Colin Matthew Nakagaki Manager 0909H0106:Reviewing the FDIC application tracking schedule provided by J. Cornell(JPMC) in preparation for the call wih Chase Card Services information technology contacts.
What's Chase Card Services? It's Chase's credit card division.
I was enlightened that the "Card Services" in the billing is different from "Chase Card Services". More, it's stupid to perceive WMI hired PWC to provide accounting services for Chase Card Services. The "Card Services" must be WMI's card. Frankly, I take a wild guess. It's Providian.
As early as January, at the time of PWC being hired, they have been in for "Card Services" accounting, data presevation and updating for months. Why is there a need to consult from PWC? We didn't hear news regarding Providian's integration into Chase. Plus, there is proof saying Providian was not WMB's, at least at that time. Anyone weight in is appreciated.
GLTA WaMuers. Be patient.
fsshon, your thought is really through and logical.
TPG, in April, 2008, injected $7.04 billion dollars in 176 million WMI common shares and $5.5 billion dollars worth of convertible preferred shares. [http://dealbook.blogs.nytimes.com/2008/04/09/tpg-leads-7-billion-washington-mutual-investment/]
Also, as per Doreen Logan's affidavit, page 17, WMI intended to and filed the application to OTS to decapitalize WMB fsb by $20 billion dollars months prior to September, 2008. That's why JPM's arguement of that $3.674 billion dollars is WMI's C.C. to WMB fsb is purely broken. If WMB fsb needs that $3.674 billion dollars, why WMI moved it away? Well, at least it tried to.
Now my view is a bit different from yours with all due respect. If WMI/TPG thought WMB fsb is so safe from the regulators' reach, they wouldn't try to move that $20 billion dollars excessive capital to Pike Street Holding[a direct subsidiary of WMI], according to Doreen Logan's affidavit.
My take is that WMI/TPG knew the eveil nature of the government and the possibly "irregular" actions taken by regulartors. WMI/TPG don't want K.I.A.[kill-in-action]. That's why they tried to move that valuable $20 billion dollars capital from WMB and WMB fsb, far away from the government's reach in terms of supervisory controls.
With the $7 billion dollars injection from TPG, in alliance to the fact provided by OTS and FDIC, WMB remained "well-capitalized" till the seizure. In addition, WMB has $50 billion dollars credit line from the Fed fund window as suggested by Rober, the exec of WMI in court file. Moreover, WMI has $3.674 billion dollars cash to cushion sudden happennings. Those should be enough for WMB and WMB fsb to get away from unsound financial structure and capitalization. If the regulators said,"Not enough", WMI has a huge fresh fund capacity of $20 billion dollars to support its banks[i.e., if it was able to move that $20 billion dollars out of WMB fsb].
What's in my mind is as follow. FDIC saw WMI was trying to move $3.674 billion deposits from WMB to WMB fsband $20 billion capitals from WMB fsb[to WMI's wholly owned sub]. It knew once there was a bank-run on WMB, FDIC went bankrupt immediately. So FDIC must stop the fund movements even though they are subject to WMI's authority. In addition, JPM was standing at the edge of facing liquidity problem. Credit market, with the collapse of Lehman, frozed. TARP was stuck. In order to get rid of the potential WMB "tumor" and to provide JP "liquidity" for its derivatives contracts, FDIC did what it has done to WMB, WMB fsb, WMI, TPG, company's shareholders and bondholders. Trial is needed Sir.
The total claiming amount by IRA from Claim 3744 is $9,871,935,669.51.
i.e.,
3744 Department of the Treasury Internal Revenue Service
Internal Revenue Service
PO Box 21126
Philadelphia, PA 19114 $55,027,997.00
3744 Department of the Treasury Internal Revenue Service
Internal Revenue Service
PO Box 21126
Philadelphia, PA 19114 $9,748,845,621.51
3744 Department of the Treasury Internal Revenue Service
Internal Revenue Service
PO Box 21126
Philadelphia, PA 19114 $32,062,051.00
The total claiming amount by IRA from Claim 2299 is $10,323,968,018.13.
i.e.,
2299 Department of the Treasury Internal Revenue Service
Internal Revenue Service
PO Box 21126
Philadelphia, PA 19114 $55,028,000.00
2299 Department of the Treasury Internal Revenue Service
Internal Revenue Service
PO Box 21126
Philadelphia, PA 19114 $10,200,877,967.13
2299 Department of the Treasury Internal Revenue Service
Internal Revenue Service
PO Box 21126
Philadelphia, PA 19114 $32,062,051.00
p.s.
Even though Claim 2299 is a GONE, Claim 3744 is still in the line of claims waitting for ruling.
I agree with you this time.
Weil, A&M & Justice are the reasons of my show-up. Cut Dimond boy's throat and I get his blood.
JPMC's motion for reconsideration is a Walrath condemning motion. (a)Given in the Judge Opinion Walrath said she has taken all parties' pleedings into account, JPMC came back and say she didn't do this or that. (b) JPMC used "abusive purpose" in the motion to try to lead the Judge to be against WMI emotionally by quoting from "press". They are actually saying that, "Look, that's what you have done. And you are so wrong to grant the discovery. Look at their[WMI/Quinn] arrogance!"
OMG, JPMC thinks the Judge is its child...wait and see. Lol, you dig a BIG hole for yourslef JPIG.
"The Office of Thrift Supervision, a Treasury Department unit, would be closed..."
"The Fed would work in conjunction with a council of other regulators, to be chaired by Treasury, on monitoring "systemic risk" under the plan."
http://www.reuters.com/article/newsOne/i...
So now after FDIC gains the extended authorities of unwinding the so called systematic risk financial companies if necessary, and the Fed, those bankers and wealthy families, will act as a Judge determing firms' faith.
JPMC absolutely plays an important role in the Obama administration. Let's see how FDIC settles the WaMu mess.
Thank you for your message Jackson. I am quite good.
Even though I don't post often but I will if needed. Currently Z promotes a second attempt to form an Equity Committee to obtain a seat at the table. WMI's atty lawsuits against FDIC-JPMC do mention about Shareholderss and TPG represents as the largest Common Shareholders. However, Z told that the atty bills are paid by creditors and full credit recovery is good enough for creditors.
I respectively disagree with Z's worry even though I did question the motivation of the remaining WMI people that stay and fight corruptions against FDIC-JPMC. I can't get through who's behide their back? TPG? Texas? or unamed person(s)?
Remember that's income from the so called BAD Loans. What about the revenues generated from Good Loans, Credit Card Divisioin and Large Deposits from WaMu assets. Let's see what happens.
My last email to that retard. I just knock it off. It's so boring.
Oh Dump-dump, didn't I just show you one that Providian is not WMB's but WMI's? FDIC illegally seized WMI's asset and then sold to JPMC. Now, this' the fact that you keep denying. I think someone's retard. I leave him alone.
Mark these emails. They already told you the truth. You will understand later. Thanks anyways, Mr. Dump-dump.
Lol...That @ss is really pissed off by me. Here's an updated response.
Oh, spare me. I'm supposed to take anyone seriously who calls me "Mr. Dump-dump"? Give me a frakkin' break.
And insinuating that I might be "paid by someone who doesn't want the truth to come out?" Do you get all your ideas about how the news media works from bad movies? I get paid (not well, I might add) by my newspaper, who has no vested interest whatsoever in how this plays out.
What "facts" are you talking about that I'm unwilling to report? It seems *you're* unwilling to admit that anything that runs counter to the way you want the world to be is true. And since you're a WMI shareholder and I'm not, its funny that you think I'm the one who's not being objective.
If you have any actual evidence of skullduggery on the part of JPMC, FDIC et al., I'd be more than happy to receive it. If all you have are conspiracy theories and whining about how JPMC paid too little, then I'm not interested.
IMO, now he's back to talk about the EVIDENCE. Damn, didn't I just show him one? OMG, I found out that he's a retard.
Drew DeSilver, economy/markets reporter
The Seattle Times
ddesilver@seattletimes.com
Dump-dump is the name I addressed that Seattle Time reporter in the last couple emails.
Well, that dump @ss doesn't care. All he's saying is that JPMC's bid is fair because it was the only one bid at that time. Laugh my @ss. That's his competency.
Jackson, check this out.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=37863178
My response.
Mr. Dump-dump,
You totally missed the point. What you heard from news media or FDIC or JPMC may not be true. As a economy/market reporter, you don't follow the old crap as others. Why are you unwilling to look for FACTS other than reporting the misleading information. Or, are you paid by someone who doesn't want the truth to come out? It's pathetic that there are so many reporters like you that are mis-informing the public and helping immoral large institutions cover their backs. How can you face the innocent public and your family? How can you tell them that you think the WaMu sale is fair?
Reporters like you are really pathetic. You are unwilling to discover the facts. Have you ever done any investigations regarding to such illegal bank seizure and irregular bank asset sale and the derivative losses of JPMC? Have you ever connected the pieces of information together? It's sad that you still deny your responsibility as a reporter to inform the public objectively. You are just a pathetic reporter.
Now I tell you that I am a WMI shareholders who bought the shares very cheap. I feel angry but no depressed on this matter. Sorry to disappoint you Dump-dump.
Here's the response I got from that @ss.
Mr. Chen:
Thank you for *your* swift response. In regard to your incompetence, let me tell you that you are completely missing the point.
You, and the other folks who are emailing me multiple copies of the same statements, seem to be under the misapprehension that JPMC was under some obligation to pay "fair value" for the WM assets it bought. This is not true. When WM was seized and auctioned off by regulators, it was worth precisely what someone was willing to pay for it -- no more, no less. Had some other company bid $1.95 billion or $1.901 billion, *that's* what the assets would have been worth. If a bank forecloses on a house the previous owner bought for $1 million, it doesn't expect to get $1 million at auction -- it gets whatever the high bidder bids. If I buy a stock for $45 a share, that doesn't mean I should expect to get at least that much when I sell it -- I'll get whatever someone is willing
to pay.
I can understand why, as a shareholder, you would be upset at the way things turned out. What I fail to understand is why your vitriol is aimed at JPMC rather than the management team that managed to destroy billions of dollars in shareholder value long before September 2008. It seems to me that, had Killinger et al. been more responsible stewards of the company, WM never would have plunged headfirst into the dodgy
netherworld of mortgage lending, and could have survived a la Wells Fargo or US Bancorp.
Here's *your* lesson: Never assume someone is an idiot just because he doesn't agree with you. And don't interpret disagreement as an insult.
Thanks for playing,
Haha....it looks like he got angry. That's good. Now he justified that JPMC's $1.9 billion is fair because it was the ONLY one bid available.
That's Dump-demp's dump response. He is not willing to research anything. Sigh...dump @ss. Leave him alone. He's showing unwillingness to research for the wrongdoings done by FDIC and JPMC.
I send Dump-dump something.
Mr. Dump-dump,
Thank you for your swift response. In regard to your incompentency of understanding what has happened to WMI, let me show you a FACT you are eagerly looking for.
The Providian credit card unit that JPMC claims it's WaMu bank's asset is indeed Washington Mutual, Inc.'s solely owned property. For your convennience, you are able to vrify the ownership of Providian through the SEC website at http://www.secinfo.com/dsvR3.z3W5.d.htm. A sole Providian transaction back in 2005 was $6.5 billion dollars. How can JPMC own that piece for $1.9 billion? As well as the $4 billion cash deposits? Show me your "professional" logic as a reporter and justify the JPMC offer please if you can.
Here your lesson. Never, ever insult anyone that you have no clue about who they are! Mr. True.
Thanks for playing.
No thanks, my job.
Okay HROLLER, I've done with sending the info out to all the emails you provided. Let me know if you know more help.
what do you need help with?
The Judge will grant WMI's request for JPMC examination but under restrictive rule. The restriction says Quinn can't communicate the discovery results to the Texas Action parties as the Texas parties must follow the administrative procedure before filing to the court regarding charging FDIC.
from Yahoo Sleepless,
An updated calendar. Hopefully correct but no guarantees.
In the Texas suit, has anyone gotten hold of JPM's response? Other docs indicate that this response was filed 3/20 - could be an interesting read.
2/16/2009 Texas suit: Insurance Cos file vs JPM
3/20/2009 WMI files vs FDIC (D.C.)
3/20/2009 Texas suit: JPM files response to Ins Cos suit (doc??)
3/25/2009 Texas suit: FDIC files to intervene
3/25/2009 Texas suit: FDIC files notice to remove to D.C.
3/30/2009 JPM files motion to intervene in WMI vs FDIC (D.C.)
3/30/2009 JPM files counterclaim in WMI vs FDIC (D.C.)
4/01/2009 Texas suit: FDIC files to remove to D.C. federal court or dismiss
4/13/2009 FDIC denied extension of response date to WMI suit (D.C.)
4/14/2009 FDIC accepts waiver of summons for WMI suit; response deadline extended 60 days (D.C.)
4/21/2009 Texas suit: Ins Cos file response to FDIC motion to remove to D.C. or dismiss (doc??)
4/22/2009 WMI reorganization plan extension requested (Del)
4/23/2009 Court date, Omnibus (Del)
4/27/2009 WMI files complaint for turnover of estate property (Del)
4/30/2009 WMI files response to JPM motion to intervene (opposes) (D.C.)
4/30/2009 FDIC files response to JPM motion to intervene (supports) (D.C.)
5/01/2009 WMI files motion for examination of JPM for alleged misconduct (re: Texas complaint) (Del)
5/11/2009 Texas suit: FDIC response due to Ins Cos response to FDIC motion to remove to D.C. or dismiss
5/13/2009 Objection deadline for WMI motion for examination of JPM alleged misconduct (Del)
5/14/2009 JPM reply due to WMI and FDIC responses to JPM intervene motion (D.C.)
5/20/2009 Court date, Omnibus (includes reorganization extension; motion for examination of JPM misconduct) (Del)
6/15/2009 (approx) FDIC response due to WMI suit; extended by 4/14 waiver (D.C.)
6/24/2009 Court date, Omnibus (Del)
7/23/2009 WMI reorganization plan due (if exclusivity extension accepted) (Del)
9/21/2009 WMI reorganization plan acceptances due (if exclusivity extension accepted) (Del)
http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_W/threadview?m=te&bn=86316&tid=133422&mid=133422&tof=8&frt=2#133422
Great find.
Ahha! Who is lying to American taxpayers? Dimon or Bair?
The regulators said in JPMC's stress test that they expect JPMC has a total of $39 billion mortgage losses. However, JPMC said they expect the mortgage losses FROM WaMu are expected to be in the range of $36-54 billion(even though JPMC said in conference call that they expect $1 billion mortgage loss from the WMB acquisition).
John is excellent!
What are you trying to say? I see Faith Elizabeth Gay's contribution and Jeffery D. McFarland's role as B. Obama Inaugural Committee.
Can't Agree More! $30BB is too low.
The fraud of WMB, the wrongdoings done by FDIC and the firesale of WMB to JPMC are different things. Don't mix them up.
It's clear that the fraud of WMB is waiting to be proven, but FDIC and JPMC are seen to be deadily colluded. Unless you have solid evidence, Quinn won't fire the shots.
FDIC and JPMC must offer a nice offer to WMI. They don't want to be charged of any pre-organized crimes in front of Americans.
On the list of names that is in Quinn's Reuqest of Productions, the five persons: Steven Rotella, Taj Bindra, John Berens, Youyi Chen and Bill Murray are ALL from JPMC.
If anyone is interested in reading more about their professional history or want to get a clue on how their background and work are tied to WaMu's home mortgage portfolio losses, you can visit,
http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_W/threadview?m=tm&bn=86316&tid=132701&mid=132701&tof=17&frt=2
For sure Quinn has no problem to prove the court the DOTs...
This's Capitalism. I don't have passion on voting any politicians. Politics is isolated for me.
That's for sure the basic remedy/compensation that WMI will be granted in the FDIC lawsuit, not the JPM one(s).
Under current circumstances, FDIC and JPMC don't have grounds to bargain, not at all. You should look at the bigger picture combining with specific variables. We have been here for months discussing the variables, we absolutely know more than you. Your estimates have been turned down a long while ago.
just read the fact in the news, even it is part of the whole fact. Ignore the opinions from those writers. They suck.
I post the translation here.
Washington Mutual: Only 1,850 percent of course potential?
Alfred Maydorn
Nevertheless, presumed to be dead sometimes live longer. Within two days the course of the insolvent US savings bank of Washington Mutual from 0.06 to 0.12 dollars has doubled. A new complaint more than four billion dollars allows to hope speculators for other course profits.
The speculations around the savings bank insolvent since September, 2008 of Washington Mutual do not break off. Well one month ago the state insert protection FDIC was sued for 13 billion dollars. THE STOCKHOLDER reported: „ Washington Mutual: The 12,500-percent chance. “ Now one complains directly against the Aufkäufer JPMorgan Chase at that time. This time it is about four billion dollars. It concerns bank deposits on which Washington Mutual has a claim.
Too cheap
After various inquiries remained unanswered in JPMorgan Chase on publication of the money, now Washington Mutual moves in court. To what extent chances of success exist, cannot be answered at the current time. But there condense more and more the signals that the purchase price of 1.9 billion dollars, the JPMorgan has paid at that time for Washington Mutual, was measured anything but.
Purpose 2,35 dollar?
Now some speculators have pulled out her pocket calculator and have divided the aimed four billion dollars by the number of the being pending stocks of Washington Mutual (1.7 billions). The result of this calculation is a stock course of 2.35 dollars. Compared with the topical course of 0.12 dollars corresponds this one impact of a little bit more than 1,850 percent.
Speculation in full gear
Also if this calculation certainly too simple – and is probably also too optimistic – so further course increases of the share are thoroughly possible. Alone the speculations on possible payments in billion height further could inspire the course. And that are in the moment in full gear. Yesterday were acted in the USA over 40 million shares, are today it around 18:00 clock renewed 38 million. The share notes in 0.12 dollars and therewith 34 percent more highly than yesterday. Converted corresponds this 0.09 Euro.
Everything is is possible
Sicher only one: Washington Mutual is and remains a hot Zock. From a Vervielfachung to the total loss of the used capitals, all is possible. He who wants to join in, should use only minimal sums. In addition a stop should be placed to the exclusion in 0.08 dollars (0.06 Euro).
I wonder how JPM will get rid of its relations to Lehman failure, WMB firesal and Merrill-BAC deal.
If Quinn proves the crime committed by JPM and Weil shows political and financial collusions amonst parties of FDIC, Paulson, Bernanke and JPM, how can Obama explain that?
Way more interesting right now, the show.
for those new comers, I don't waste time on explaining to you. Watch and learn from the case and the hired attorneys.
$8-$12 is low Buddy.
I eye on a settlement which gives $20+.
Thanks for the post Billy. However, I think the signals b/w the cooperative MMs change every day if not every hour.